What is the fair market value of an AI company that loses >$10B/year? Of course they have assets that could be stripped and sold for profit but public creditors come last. It's also going to be no where near their private valuation.

For most people their talent and expertise does not involve investing. That's why pensions and 401ks exist and why S&P/nasdaq have rules to protect the public.

You may wish it were not so, you may find it inelegant and infuriating and unfair, but it is a fact that retail investors nearly all underperform the market over a long enough time horizon. Maybe you are built different but for most of us it is very rational to take the market return for “free”.

Restructuring every ETF to be S&P but prior rules and no SpaceX would be enormously difficult.

Yes Americans will definitely move their 401k over this /s

Its fleecing because it basically takes everybody's money and gives it to support musk's money loser xai. SpaceX net profit 8 billion per year (previous years much less) and Xai was net losing 1.5 billion per quarter.

They are only selling a small % of the shares in the IPO and subsequent weeks.

With a tiny float the price will almost certainly go up as a limited number of enthusiastic investors buy in. The plan is to then line up the lockup expirations so they sell into the index re-balance, a ton of new non-discretionary demand to match the new supply.

It's manipulation.

How about xAI? Losing $6B a year and with that whole "Grok, generate me an image of this child with no clothes on" horrorshow?

Sorry, "xAI, a wholly owned subsidiary of SpaceX".

Clintons aren’t connected to Space X though so that’s a silly answer.

:)

If you're not getting downvoted at least some of the time on HN you're doing something wrong. I've caught plenty of downvotes myself for arguing that Mars was never going to happen and is just a recruiting tactic for SpaceX to hire idealistic young engineers and pay them sub-market wages because the dream of Mars is part of their compensation.

All the hardware they've actually invested in, including Starship, is in fact foremost for launching satellites into Earth orbit. Starship in particular is optimized for this.

"Full Self Driving" was also a giant scam. Got heavily downvoted for that as well.

Correct me if I'm wrong, but I remember stage 1 being maybe 2011. There were plenty of Musk critics back then, as there are now, but they seemed to have been completely wrong on pretty much everything. I remember people saying he was a charlatan whose technology would never work and even if it did it would never get mainstream market penetration. I feel like you would have smugly chuckled if anyone told you the following things that are true:

1.) Tesla cars will be ubiquitous on American roads

2.) The best selling model of car globally would be a Tesla

3.) Most cars would be made in the US, yet still be price competitive with foreign competition

4.) SpaceX rockets would be re-used multiple times per week

5.) SpaceX's launch business is highly profitable despite lowering prices to less than 10% of what they used to be

6.) SpaceX launches more mass to orbit than the rest of the world combined